How New North Ventures Builds Companies from Zero to One

Some companies start with an idea.
Others start with a founder.
The best ones start with both — and the right environment to grow.

At New North Ventures, company incubation is not a formula. It is a craft.

Every company we build begins differently. Sometimes we identify a problem set with clear commercial and government scale and then go find the right entrepreneurial talent to tackle it. Other times, a uniquely qualified founder comes to us with an insight born from years of experience inside government, the intelligence community, or a deeply specialized industry. From there, we help shape the founding team, pressure test the approach, and build the roots of the business from the ground up.

What remains constant is our conviction around three things: talent, approach, and support.

The earliest days of a company are often the most fragile. There is no roadmap, no operating manual, and no guarantee that the first version of the idea is the one that ultimately scales. That is where incubation matters most.

At New North, being the first institutional check is only the beginning. We work closely with founders every week, advising on strategy, opening our network, making introductions to early customers, investors, and partners, and helping them navigate the zero-to-one journey with momentum.

The art is not in building companies the same way.
The art is knowing how each company needs to be built differently.

The New North Incubation Philosophy

The core of incubation is not capital. It is conviction.

We believe that the best businesses often emerge from people who have lived the problem firsthand, operators who have spent years inside critical systems, mission environments, and complex industries.

Most often, these founders are former intelligence community leaders, government operators, or experts who have built experience over decades in highly niche sectors. They see a demand inside government that also has the ability to scale commercially. This intersection is where extraordinary companies can be born.

Our role is to help turn expertise into enterprise.

That means:

• finding exceptional talent

• pairing founders with complementary teammates

• refining the approach to solving the problem

• helping create the first support network around the company

• bringing the first customers, capital, and strategic partners to the table

No two formation stories look the same and that is exactly the point.

From Zero to One: Three Incubation Stories

Across two funds, New North Ventures has incubated companies that span cyber defense, critical infrastructure, and founder ecosystem enablement.

Below is a deeper look at three of those journeys.

1) CrunchAtlas

From elite cyber operators to autonomous defense at scale

Founded: 2024

CrunchAtlas began with talent.

New North first met the founding team through a SkillBridge program, where it quickly became clear that they were not just technologists, they were operators.

Former cyber professionals from the U.S. government, the team had spent their careers working at the front lines of real world cyber threats. Their expertise had been developed in mission critical environments where speed, accuracy, and resilience were non-negotiable.

The insight was immediate: this capability needed to exist at commercial scale. That realization became CrunchAtlas.

The company is building an AI-native autonomous cyber defense platform designed to detect, hunt, triage, and remediate threats in air-gapped and critical infrastructure environments.

What makes this incubation story compelling is the clarity of founder market fit.

The founders had lived the problem for years. They understood how adversaries were evolving faster than traditional enterprise defense systems and saw firsthand that human speed workflows were no longer enough.

New North helped support:

• early company formation

• go-to-market strategy

• first customer introductions

• first institutional capital pathways

• ecosystem partnerships across defense and infrastructure

This is incubation at its best: operator insight transformed into venture scale opportunity.

2) StarCube

MODULAR, FACTORY BUILT MICROREACTORS PROVIDING POWER AT THE EDGE

Founded: 2023

Some companies are built to improve markets. Others are built to reshape them.

StarCube was founded with a vision to solve one of the most pressing global challenges: energy scarcity and resilient power generation.

The company is developing agile nuclear microreactors that are modular, factory built systems designed to deliver reliable energy at the edge.

This is the kind of company that requires an unusual appetite for risk.

Massive upside.

Massive complexity.

Massive regulatory burden.

And yet, these are often the companies that define decades.

The thesis is straightforward: the world is entering an era where power demand, driven by AI, data centers, industrial infrastructure, and defense systems is accelerating faster than legacy energy systems can respond.

StarCube is pursuing a solution built for scale.

This incubation process has required:

• long-horizon strategic thinking

• regulatory navigation

• financing and infrastructure planning

• ecosystem credibility building

• founder support through a deeply technical build cycle

Great incubation requires the willingness to underwrite hard things.

StarCube represents exactly that.

3) Pitchfire

Building the connective tissue between founders and capital

Founded: 2025

Pitchfire’s story starts with people.

The CEO came from the General Partner’s prior company building network, a reminder that talent networks are often the single greatest asset in incubation.

Here, the conviction was centered on the founder.

The belief was simple: the right leader with the right network could build a platform that meaningfully improves how founders connect with investors.

In venture, access compounds.

The ability to create trusted pathways between builders and capital providers can dramatically accelerate adoption and scale.

Pitchfire was incubated around that belief.

New North helped the company shape:

• its initial market positioning

• early network effects

• strategic partnerships

• first investor and founder relationships

• GTM traction

This is a company built around the power of relationships and trust at scale.

What Makes Great Incubation

At its core, great incubation is about people and patience.

It is the ability to recognize exceptional talent early.

It is the willingness to take risks before consensus forms.

It is the flexibility to allow each company to grow organically in its own way.

And most importantly, it is the commitment to stay alongside the founder.

We meet with our incubated companies every week.

We advise them.

We share networks.

We help them find first customers, first partners, and first believers.

Because the earliest stage is rarely linear.

The companies that endure are not always the ones with the perfect first idea.

They are the ones with the right people, the right support system, and the conviction to keep building.

At New North Ventures, that is what we aim to provide.

Capital is the first check.
Conviction is everything that comes after.

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Ukraine Moves to Replace Frontline Soldiers With 25,000 Ground Robots

Ukraine is rapidly scaling the automation of frontline operations, announcing plans to contract 25,000 ground robotic systems in the first half of 2026 alone. This is more than double the total procured in all of 2025. The stated goal from Defense Minister Mykhailo Fedorov is striking: 100% of frontline logistics to be handled by robotic systems, replacing soldiers in some of the most dangerous battlefield tasks.

The pace of adoption is already accelerating. Ukrainian forces executed more than 9,000 logistics and evacuation missions using ground robots in March alone, bringing the Q1 total to roughly 21,500 missions. These unmanned ground systems are now being used for supply transport, casualty evacuation, mine clearing, and combat support, helping reduce troop exposure amid continued manpower constraints. The ecosystem behind this shift has also expanded rapidly, with more than 280 companies and over 550 active robotic solutions supporting the effort.

This is no longer experimental technology, it is becoming operational doctrine. Ukraine has already reported what it describes as the first confirmed capture of a Russian position using only unmanned systems, without infantry involvement or losses, underscoring how quickly autonomous systems are moving from support roles into direct battlefield execution. The broader implication is clear: modern warfare is increasingly being defined by scalable, low cost autonomous systems that preserve human capital while expanding operational reach.

Terra Industries to build Africa’s largest drone factory in Ghana

Terra Industries is making a major bet on sovereign defense manufacturing in Africa, announcing plans to build the continent’s largest drone factory in Accra, Ghana. The new 34,000 sqft facility, Pax-2, is more than double the size of its existing Abuja plant and is expected to be operational by June 2026. Backed by a recent $34M capital raise, the factory is projected to scale to 50,000 aerial systems annually by 2028, spanning surveillance drones, tactical UAVs, and high speed interceptor systems designed for counter drone defense.

The bigger signal is strategic: autonomous systems manufacturing is becoming a regional industrial priority, not just a startup milestone. Terra’s expansion reflects growing demand for locally produced defense and security infrastructure across the continent, particularly as drone warfare and infrastructure protection become more urgent across the Sahel and sub-Saharan Africa. The company says the new site will create 120 engineering jobs in Ghana, reinforcing that this is as much an industrial capacity story as it is a defense tech story. For investors and operators, the takeaway is clear: the global momentum behind scalable autonomous systems is no longer concentrated in the U.S., Europe, and Ukraine. New regional defense primes are emerging with manufacturing scale.

Introducing Saildrone Spectre: Next-generation USV for Anti-submarine Warfare and VLS Strike

Saildrone’s unveiling of Spectre, a 170ft unmanned surface vessel, marks a major leap in the militarization of autonomous maritime systems. Built for anti-submarine warfare, persistent ISR, and vertical launch strike missions, Spectre is the company’s largest and most capable platform to date, capable of speeds up to 30 knots, a range of 3,280 nautical miles, and payload capacity of roughly 55,000 pounds. Two variants underscore the flexibility of autonomy at sea: Silent Endurance, optimized for ultra quiet anti-submarine missions, and Stealth Strike, designed for higher speed, low profile kinetic operations.

The strategic significance is far bigger than a single platform. This is a clear signal that persistent unmanned autonomy is becoming core naval doctrine, not an experimental edge capability. Traditional warships are capital intensive, manpower heavy, and episodic in presence; autonomous vessels like Spectre enable continuous, distributed maritime operations at scale, keeping sensors, weapons, and decision support systems on station for far longer and with far less risk to personnel. In an era increasingly defined by contested waterways, submarine threats, and undersea infrastructure protection, unmanned maritime autonomy is emerging as one of the most important force multipliers in modern defense.

More links to explore:

• US firm’s autonomous electronic warfare tech can detect, neutralize threats in real time

• American shipyard moves to become seapower integrator

Beacon AI Snags $50M USSOCOM Aviation AI Contract

New North Ventures portfolio company Beacon AI secured a roughly $50M, four year contract with U.S. Special Operations Command to deploy its aviation AI pilot assistance platform across SOCOM and Air Force Special Operations Command aircraft fleets. The system acts as an in-cockpit AI assistant that ingests real time data like weather, routing, and mission inputs to reduce pilot workload, improve decision making, and enhance safety during high stress operations. The deal also includes a pathway to production deployment if performance targets are met and will initially focus on large mobility and transport aircraft such as tankers and cargo planes.

Leidos, Havoc integrate capabilities to advance maritime and air autonomy

Havoc AI, a New North Ventures portfolio company recently announced a partnership with Leidos to integrate their unmanned systems and collaborative autonomy software across maritime and air platforms, starting with Leidos’ Sea Archer vessel. The goal is to enable a single operator to coordinate fleets of autonomous surface and aerial systems acting together across contested, communications degraded environments. The companies plan a large scale operational demonstration in Q4 2026, showcasing how tightly integrated AI driven autonomy can accelerate deployment timelines, improve coordination, and support multi-domain missions spanning air, surface, and sub surface operations.

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HawkEye 360 Files for IPO

New North Ventures portfolio company HawkEye 360 has officially filed its S-1, marking a major milestone not just for the company, but for the broader defense tech ecosystem. The company, a pioneer in RF geospatial intelligence, has built a category defining platform that tracks and analyzes radio frequency signals from space, serving both government and commercial customers. This filing represents one of the clearest signals yet that dual-use companies can scale into public market ready businesses while maintaining deep ties to national security missions.

From an early-stage investor standpoint, this moment matters. For years, the biggest question around defense tech has been: what are the exits? HawkEye 360’s IPO trajectory helps answer that. It demonstrates that companies rooted in government demand, historically seen as slow, bureaucratic, or non-scalable, can in fact build durable, high growth businesses with diversified revenue streams. It also reinforces that technical moats in areas like space based sensing and data analytics are both defensible and valuable in public markets.

More broadly, this fits into a growing trend. Over the past few years, we’ve seen a steady drumbeat of defense and dual-use companies access the public markets, either through traditional IPOs or alternative paths. The signal to founders and investors is clear: the pathway from early stage innovation to liquidity is becoming more defined. This has the potential to unlock more capital and talent in the sector.

HawkEye 360

| Founded 2015 | Space Based RF Geospatial Intelligence | ~200+ Employees |

What they do

• Operates 30+ satellites that detect and geolocate radio frequency signals such as radars, jammers, satellite phones and ship transponders

• First commercialized space based SIGINT platform; meaningfully differentiated from imagery focused players like Planet or BlackSky

• Business model: data-as-a-service (subscriptions + analytics) with high gross margins on unclassified work products

• Capex intensity is decreasing as the constellation matures; targeting 30–40% YoY growth while maintaining profitability

Revenue mix:

U.S. Government (~50%)

• Customers include NGA, NRO, CIA, and combatant commands

• Short sales cycles, sometimes hours to get on contract

• Shorter contract terms; high volume of engagements

International (~50%)

• Allied nations across dozens of countries

• Longer sales cycles due to ITAR/FMS process, but stickier relationships and premium pricing

• $131M FMS deal with India for maritime domain awareness is a flagship example

Financing

• Series E at ~$2B valuation - $150M+ round co-led by NightDragon and Center15 Capital

• $173M total raised

• Revenue trajectory: $30.5M (2022) → $67.6M (2024) → $117.7M (2025)
  

  Sources: Pitchbook, S-1

Why it matters

• First company to operationalize large scale RF signal mapping from space at commercial scale

• Addresses a capability gap no imagery satellite can fill: signal detection vs. visual observation

• Crossed into profitability with a $303M backlog representing 6× growth

SBIR & STTR Reauthorization

Momentum is building around the signed reauthorization of the SBIR/STTR programs, one of the most important funding pipelines for early stage deep tech and defense startups. The program, which allocates billions annually across federal agencies, has long served as a non-dilutive bridge between research and commercialization. Recent commentary from policymakers emphasizes not just renewal, but modernization to ensure the program remains competitive in a rapidly evolving innovation landscape.

The data underscores its importance: SBIR/STTR collectively deploys over $4 billion per year into small businesses, often serving as the first institutional capital a startup receives. Increasingly, these dollars are flowing into dual-use technologies in AI, autonomy, space, advanced manufacturing that align with national security priorities. Reauthorization provides continuity, but the real opportunity lies in improving transition rates from Phase I/II funding into procurement and scaled deployment.

The Evolution of Modern Weapon Systems

The timeline of modern military systems highlights both strength and inertia. Many of today’s core platforms such as bombers, fighters, and transport aircraft were originally designed decades ago and have been continuously upgraded to stay relevant. That longevity speaks to incredible engineering, but it also masks how slowly entirely new systems have been fielded.

Recent commentary from defense leaders underscores a growing realization: in a world of peer competition, electronic warfare and autonomous systems, iteration speed matters as much as capability. The challenge isn’t that the U.S. lacks advanced tech, it’s that adversaries are moving faster, deploying newer systems, with compressed timelines and in ways that traditional acquisition hasn’t kept pace with.

What’s changing now is the shift toward speed as a core advantage. Autonomous systems, software defined platforms, and modular architectures are enabling faster deployment and continuous upgrades. The future isn’t about replacing every legacy system overnight, it’s about building a force that can adapt in real time, with innovation cycles measured in months, not decades (Timeline by Pete Modigliani).

More links to explore:

• SpaceX isn’t the only defense tech IPO that VCs should care about

• After Swarmer’s Soaring Debut, Here Are 12 Other Potential Defense Tech IPOs

Auriga Space charges up the launch game

Auriga Space is pushing forward on a critical bottleneck in the space economy: responsive and flexible launch infrastructure. The company is developing mobile launch capabilities designed to increase cadence and reduce dependency on fixed launch sites. This is an increasingly important factor as demand for satellite deployment continues to rise.

Recent progress highlights growing momentum behind this model. As governments and commercial players alike seek more resilient space architectures, the ability to launch quickly, from multiple locations, becomes a strategic advantage. Auriga is positioning itself squarely at that intersection, helping enable a more dynamic and responsive space ecosystem.

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The special edition of this weeks newsletter dives into New England and why it is a hidden gem for dual-use investing, company building and early stage innovation. Elite universities like MIT, Harvard, and WPI are churning out talent and spinning out companies, while accelerators and defense focused investors are ready to back them. The coastline and maritime testing grounds, anchored by assets like NUWC Newport, give hardware heavy technologies a rare place to prove themselves in real operational environments. Nowhere else can you go from lab bench to open water prototype with this much infrastructure, talent, and institutional firepower packed into one region.

MIT Lincoln Laboratory laser communications terminal launches on historic Artemis II Moon mission

NASA’s Artemis II mission is pushing the boundaries of how we communicate in space, this time with cutting edge laser technology designed to transmit data faster and more efficiently than ever before. At the center of this breakthrough is research coming out of Massachusetts Institute of Technology (MIT), where engineers are developing advanced optical communication systems that could dramatically improve how spacecraft send information back to Earth. Compared to traditional radio signals, laser based systems offer significantly higher data rates, enabling clearer images, faster transmission, and more robust deep space connectivity.

What makes this even more compelling is how close to home this innovation really is. With NASA partnering alongside leading institutions in New England, the region continues to cement itself as a hub for frontier technology with real national and global impact. From space exploration to dual-use innovation, the same ecosystem driving breakthroughs in orbit is also shaping the next generation of defense and commercial technologies right here in our backyard.

MRECo Develops Two Marine Energy Test Sites in Massachusetts

The Marine Renewable Energy Collaborative of New England is expanding critical infrastructure to accelerate the development of ocean based energy technologies, with two new testing sites in Massachusetts. Located in the Cape Cod Canal and off Cuttyhunk Island, these sites are designed to give startups and researchers a real world environment to test tidal, wave, and marine sensor technologies. With built in access to power, data, and monitoring systems, the facilities aim to make testing faster, safer, and more commercially viable.

What stands out is that this innovation ecosystem is being built right here in New England. Backed by initiatives like the Massachusetts Clean Energy Center’s Ocean Innovation Network, these efforts are positioning the region as a national leader in ocean tech and clean energy commercialization. For founders and investors alike, it’s another example of how New England continues to turn deep technical research into real world deployment opportunities.

New England governors announce joint support for nuclear energy

Governors across all six New England states have announced a coordinated push to support the future of nuclear energy, signaling a major regional shift in how the grid will be powered over the coming decades. In a bipartisan agreement, state leaders committed to both maintaining existing nuclear facilities, like Seabrook in New Hampshire, and exploring next generation reactor technologies to meet rising electricity demand, which is projected to grow more than 40% in the region.

The effort goes beyond policy signaling, it lays the groundwork for deployment. Governors are directing state energy agencies to evaluate advanced nuclear technologies, financing models, and public-private partnerships, while ensuring local communities play a central role in siting decisions. For New England, this is happening right in our backyard: a coordinated, multi-state approach to energy resilience that positions the region as a leader in next generation nuclear, grid reliability, and long term economic growth.

More links to explore:

• 2026 Northeast National Security Conference

• BasisTech Demo Day April 2026

• MassChallenge NATO DIANA Cohort - Boston MA

• Shout out to the team behind the Harvard / MIT 2026 Technology and National Security Conference for putting on another incredible event last weekend!

Pitchfire, based in New Hampshire and incubated within New North Ventures, has now launched into market! The team is in the process of onboarding investors that are looking to streamline their workflow from deal intake through investment. This platform allows VC funds to automate their deck ingest, analysis and decision making for due diligence on companies. Reach out if you would like to set up a demo and explore the platform!

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NASA is set to launch Artemis II on April 1, marking the first crewed mission to the Moon’s vicinity in over 50 years and a defining moment in the next era of space exploration. The mission will send four astronauts aboard the Orion spacecraft on a ~10 day journey, launching atop the Space Launch System (SLS) from Kennedy Space Center. This milestone builds on the successful uncrewed Artemis I test and represents a major validation of deep space human flight capabilities at a time when geopolitical competition in space is accelerating.

Unlike the Apollo-era landings, Artemis II is designed as a systems validation mission. Rather than a touchdown it will execute a lunar flyby using a “free-return” trajectory around the Moon before returning to Earth. The mission will test critical infrastructure including life support, propulsion, communications, and heat shield performance during high speed reentry. These capabilities are essential for sustained lunar operations and future Mars missions. It also carries symbolic weight, with the first woman, first Black astronaut, and first Canadian traveling this far into deep space.

For defense tech investors, Artemis II underscores the growing strategic importance of space as both a commercial frontier and a national security domain. The program is catalyzing investment across launch systems, in-space logistics, communications, and dual-use infrastructure, while reinforcing public-private partnerships with primes. As the U.S. pushes toward a sustained lunar presence and cislunar economy, Artemis is not just a scientific mission, it’s a signal that space is rapidly becoming a core theater for technological advantage and geopolitical competition.

Seattle startup Starcloud hits $1.1B valuation to build space-based data centers

A couple weeks ago, we highlighted the rise of defense tech unicorns. Now, as space takes center stage, it’s worth adding a new name to that list that could serve both private and public customers: Starcloud.

The Seattle area startup has rapidly reached a $1.1B valuation after raising $170M, becoming one of the fastest companies in Y Combinator history to hit unicorn status. Its core thesis is bold: build solar powered data centers in orbit to meet the explosive demand for AI compute, leveraging abundant energy in space and avoiding terrestrial constraints like power, land, and cooling. Early demonstrations, including launching satellites equipped with advanced GPUs, signal that in-space computing is moving from concept to reality.

For investors, Starcloud reflects a broader shift where AI infrastructure, energy, and space are converging into a new strategic frontier. With plans for massive satellite constellations and partnerships across major tech players, orbital compute could redefine how and where data is processed, especially for defense, intelligence, and latency sensitive applications. While technical and cost hurdles remain, the speed of capital formation and ambition in this category suggest that space-based infrastructure is quickly moving from edge case to core investment theme.

China Advances Space Servicing with Robotic Refueling Breakthrough

China’s recent progress in orbital servicing highlights a rapidly maturing capability that could reshape how space assets are operated and sustained. Chinese researchers have tested robotic systems designed for on-orbit refueling, using flexible robotic arms and autonomous docking techniques to simulate fuel transfer and spacecraft servicing in orbit. These systems are aimed at extending satellite lifespans, reducing replacement costs, and enabling more persistent infrastructure in space, from navigation and communications satellites to potential deep space assets.

The strategic significance of this development goes well beyond engineering. On orbit refueling and servicing are foundational to building a truly scalable space economy, where spacecraft can be repaired, upgraded, and refueled rather than discarded. If China operationalizes these capabilities at scale, it would materially shift the balance of endurance, cost efficiency, and operational tempo in space. That is why continued U.S. leadership in space innovation is critical: control over in orbit servicing, logistics, and infrastructure will define not just commercial advantage, but also military and intelligence superiority in an era where space is becoming a contested domain alongside land, sea, air, and cyber.

More links to explore:

• Navy creating new marketplace for maritime drones as it looks to ‘surge capacity’ for Golden Fleet

• Air Force Seeks Suppliers to Deliver on Nuclear Micro-Reactor Goals

Psionic and Gambit have announced a strategic partnership to advance resilient collaborative autonomy. This capability is aimed at enabling groups of autonomous systems, such as drones, ground vehicles, and distributed sensors, to operate together as coordinated, intelligent networks. The collaboration focuses on integrating Psionic’s precision sensing and timing technologies with Gambit’s multi-agent autonomy software to improve how machines perceive, communicate, and execute missions in contested or degraded environments. The goal is to reduce reliance on constant human control by enabling systems to self-coordinate in real time while maintaining reliability, security, and mission resilience.

For defense and dual-use markets, the partnership reflects a broader shift toward networked autonomy as a force multiplier, where individual platforms are less important than the collective behavior of systems working together. By improving synchronization and decision making across distributed assets, the technology supports applications ranging from contested logistics and ISR (intelligence, surveillance, reconnaissance) to first responder and defense operations. The emphasis on resilience is especially important in environments where electronic warfare, jamming, or communications disruption can degrade traditional command-and-control structures.

HawkEye 360 has announced the formation of its first International Advisory Board, designed to deepen its engagement with allied governments and strengthen its role in supporting global security missions. The board will provide strategic insight into regional defense priorities and operational needs across key international theaters, helping the company better align its commercial signals intelligence capabilities with the requirements of U.S. allies. It will be chaired by veteran national security leader Richard A. Clarke and include senior figures such as Kurt M. Campbell and Rear Admiral Mark Montgomery (ret.), reflecting a strong focus on diplomacy, defense strategy, and intelligence cooperation.

More broadly, the move underscores HawkEye 360’s positioning as a key provider of space based RF intelligence used for maritime, air, and land domain awareness. Company leadership emphasized that the advisory board will help strengthen collaboration with allied partners as demand grows for persistent, space enabled monitoring of the electromagnetic spectrum. The initiative reflects a wider industry trend. As geopolitical competition intensifies, commercial space sensing and intelligence firms are increasingly being integrated into national security architectures to improve decision making speed and situational awareness.

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FAA seeks input on drone integration at airports

The Federal Aviation Administration is stepping up efforts to integrate drones (unmanned aircraft systems, or UAS) into airport environments, one of the most complex and high stakes areas of the national airspace.

At a high level, the FAA is actively gathering input from airports, drone operators, manufacturers, and other stakeholders to better understand how drones are currently being used in and around airports, as well as what infrastructure and standards are still needed. This includes exploring concepts like “droneports” (dedicated areas for drone operations), new design requirements, and how existing airport layouts may need to evolve to safely accommodate both manned and unmanned aircraft.

A central challenge is safety and coordination. Airports are already tightly managed environments, and introducing drones adds complexity around collision avoidance, airspace management, and operational procedures. The FAA is using this research to inform future policy, guidance, and potentially formal standards to ensure drones can operate alongside traditional aviation without increasing risk.

Zooming out, this effort reflects a broader push by the FAA to modernize the airspace system and enable more advanced drone operations, including beyond visual line of sight flights and scaled commercial use. But progress remains iterative: the agency is balancing innovation with its core mandate of safety, meaning integration will likely continue to roll out gradually as technologies, regulations, and infrastructure mature.

Are you an aviation stakeholder? ( e.g., airport/droneport operator, private entity, original equipment manufacturer, unmanned aircraft system (UAS) industry vendor, academia, representatives of the military, etc.) You can send written comments and recommendations for the proposed information collection. More information on where to address your comments to HERE.

No Magnets, No Drones: China’s Strategy for Shaping Tomorrow’s Battlefield

Modern warfare is increasingly defined by drones, but beneath that shift lies a largely overlooked dependency: rare earth magnets. These components are essential for drone motors, missile guidance systems, and other advanced defense technologies, yet roughly 90–95% of global processing capacity is controlled by China. As a result, even Western and Ukrainian defense systems rely heavily on Chinese sourced materials, creating a critical supply chain vulnerability that could be exploited geopolitically.

This dependency is becoming more urgent as drone usage scales rapidly. Ukraine alone has produced over a million drones annually, with drones accounting for the majority of frontline strikes. In response, the U.S. is moving to ban Chinese origin rare earth materials in defense systems by 2027, accelerating the need for domestic alternatives. Companies like REalloys are positioning themselves to fill this gap by building end t -end, China independent supply chains for rare earth processing and magnet production. The broader takeaway: control over upstream materials may ultimately determine military advantage in the next generation of conflict.

Inside the high-stakes US defence system tracking Iran missiles and drones

The U.S. Department of Defense is relying on a highly coordinated, multi layered defense network to detect and track Iranian missiles and drones in real time, reflecting the growing intensity of threats across the Middle East. The system begins in space, where infrared satellites identify missile launches within seconds, before handing off to ground based radars that track trajectories and predict impact points. This data is then shared across a distributed network that includes naval vessels, airborne surveillance platforms, and regional command centers, creating a continuous, integrated picture of the battlespace designed to enable rapid interception and response.

However, this system is under increasing strain as threats evolve particularly from low cost Iranian drones, which are harder to detect due to their low heat signatures, small size, and ability to fly at low altitudes. Recent strikes on key radar infrastructure have further exposed vulnerabilities, forcing the U.S. to shift and reinforce coverage with mobile assets like ships and aircraft. The broader takeaway: while the U.S. maintains a technological edge in missile detection and tracking, the rise of cheaper, harder to detect drone swarms is challenging traditional defense architectures and forcing a rapid adaptation toward more flexible, resilient systems.

More links to explore:

• Jeff Bezos reportedly wants $100 billion to buy and transform old manufacturing firms with AI

• Companies Set to Win as States Vie to Host Nuclear Campuses

Link Labs Assets Now Tracked Globally Through Hubble Network

Hubble Network announced it can now track Link Labs’ assets globally using its Bluetooth-based network. It leverages over 90 million terrestrial Bluetooth gateways plus emerging satellite connectivity to extend coverage into remote areas.

Together, this enables near-global tracking of Bluetooth-enabled devices without relying on GPS or cellular service, improving visibility for logistics and asset monitoring worldwide.

Founded in 2021, Hubble Network operates a global network of more than 90 million terrestrial Bluetooth® gateways, with satellite connectivity expanding coverage to remote and off-grid environments. For more information, visit hubble.com.

UND Signs Memo of Understanding to Advance Hypersonics, other Technologies

University of North Dakota has signed a Memorandum of Understanding (MOU) with Auriga Space to collaborate on advancing electromagnetic launch technologies for national security applications. The partnership focuses on using Auriga’s electric, magnetically driven launch system, an alternative to chemical rockets, to support research and development in hypersonics, counter unmanned aerial systems (counter-UAS), and space related missions.

Auriga Space develops electromagnetic launch systems that accelerate payloads using linear electric motor technology rather than traditional rocket propulsion. The company’s approach enables low cost, repeatable, high cadence launch capabilities that could improve hypersonic testing and enable more rapid space access. Through the MOU, UND and Auriga will explore how this technology can be integrated into broader defense and research efforts, leveraging UND’s existing strengths in aerospace and national security programs.

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The defense tech ecosystem continues to mature and we developed this chart to make it clear just how far it’s come. With the most recent addition of Defense Unicorns to the list in January 2026, the U.S. now has a deep and diverse bench of $1B+ defense companies spanning AI, autonomy, manufacturing, and space. What was once a fragmented category is now a real market with density, repeat founders, and increasingly clear platform winners.

What’s notable isn’t just the number of companies, it’s the convergence. Players like Palantir Technologies and Scale AI define the AI/data layer, while Anduril Industries, Shield AI, and Skydio push autonomy forward. Meanwhile, companies like SpaceX and HawkEye 360 anchor the space and intel layer. This stack is starting to look less like a collection of startups and more like the foundation of a new defense industrial base.

For early stage investors, this landscape is more than a scoreboard, it’s a signal map. These unicorns show where real demand exists inside the Department of War and where budgets are actually getting deployed. Just as importantly, they represent the next generation of acquirers. Tracking what these companies prioritize, whether it’s AI infrastructure, edge compute, autonomy, or manufacturing, offers a forward looking view into M&A pathways and platform consolidation.

The takeaway: pay attention to this layer. Founders should build toward it. Investors should underwrite against it. And as each new company crosses the $1B threshold, it’s worth recognizing, not just as a milestone, but as another node strengthening the defense innovation ecosystem.

Nvidia announces Vera Rubin Space-1 chip system for orbital AI data centers

Nvidia’s latest push into orbital computing signals that space is no longer just a sensing layer, it’s becoming a compute layer. At its GTC event, CEO Jensen Huang unveiled space ready AI chips and systems designed to power data centers in orbit, with dramatically higher performance for in space inference and autonomous operations. The move builds on early proof points already happening: Nvidia powered satellites have successfully run and even trained AI models in orbit, demonstrating that “data center class” compute can operate off world. Together, this marks a shift from simply collecting data in space and sending it to Earth, to processing it directly in orbit.

This unlocks space data centers as a fundamentally new domain because it breaks the core bottlenecks of terrestrial AI infrastructure: energy, latency, and scale. Space offers effectively unlimited solar power and natural cooling dynamics, while enabling real time processing of satellite data without the need to downlink massive datasets. Just as importantly, it creates a new layer of infrastructure for autonomous systems where satellites, drones, and other edge assets can plug into orbital compute as part of a distributed “space cloud.” In that sense, Nvidia isn’t just launching chips, it’s helping define a new strategic domain where compute itself becomes geographically decoupled from Earth, with implications across defense, communications, and global AI competition.

New Space Force acquisition portfolios include space control, orbital warfare

The U.S. Space Force has finalized its mission focused acquisition portfolio structure under the Pentagon’s broader acquisition reform initiative, officially establishing offices dedicated to key warfighting domains as part of its acquisition modernization effort. Tom Ainsworth, performing the duties of the Air Force assistant secretary for Space Acquisition and Integration, announced that of the seven planned portfolio acquisition executive (PAE) offices, four are now formally stood up. These PAEs are designed to better align space acquisition with operational priorities, from sensing and targeting to communications and missile tracking. This enables joint data networks, battle management, and integrated cislunar capabilities through close cooperation with agencies like NASA and the Air Force Research Laboratory.

Four established Space Force PAEs:

• Missile Warning and Tracking – manages constellations across all orbital regimes.

• Infrastructure – responsible for data management, training/test capabilities, and personnel systems.

• Battle Management, Command & Control, Communications & Space Intelligence handles networks, intelligence, and space domain awareness.

• Satellite Communication and Position, Navigation & Timing – oversees military and commercial programs for SATCOM and PNT.

More links to explore:

• Robosys launches AI simulator for autonomous vessel testing

• Iran-linked hackers tied to cyberattack on US company Stryker

Havoc Advances All-Domain Collaborative Autonomy Through Acquisitions of Mavrik and Teleo

Havoc is rapidly positioning itself as a leading “all-domain” autonomy platform by expanding beyond its roots in maritime systems into air and ground operations. Through the acquisitions of drone company Mavrik and autonomous heavy machinery firm Teleo, the company is building a unified software stack that allows a single operator to control and coordinate fleets of autonomous systems across sea, air, and land in real time. The goal is to replace siloed, domain specific tools with a single interface where heterogeneous assets can operate as a synchronized, collaborative force.

At the core of this strategy is “supervised autonomy” keeping humans in the loop while enabling one operator to oversee many machines simultaneously. This model addresses both operational efficiency and safety concerns, and has already been demonstrated at scale in maritime environments. Backed by significant venture funding and growing demand from defense and commercial customers, Havoc’s expansion reflects a broader shift toward integrated, AI driven autonomy systems that can deliver coordinated, multi domain capabilities and potentially redefine how both militaries and industrial operators deploy autonomous fleets.

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Pentagon Employees Can Create Their Own Custom AI Assistants

The U.S. Department of War has introduced a new “Agent Designer” capability on its enterprise AI platform, GenAI.mil, allowing personnel across the department to build custom AI assistants tailored to their specific workflows. The tool integrates Google’s Gemini models and is designed to be accessible even to users without coding experience. With it, the Pentagon’s roughly 3 million military and civilian employees can create AI agents capable of performing multi step tasks, ingesting different data sources, and automating complex processes across mission areas. Examples include generating after action reports, turning imagery into analytical memos, or building applications to analyze financial and logistics data.

The rollout is part of a broader push by the Pentagon to accelerate AI adoption across both operational and administrative functions. Since launching in late 2025, GenAI.mil has become the department’s central generative AI platform, incorporating commercial frontier models from companies such as Google, with additional tools from OpenAI and xAI expected to be integrated. The effort underscores the Pentagon’s strategy to rapidly deploy commercial AI capabilities across the force, even as tensions with AI vendor Anthropic have escalated into a legal dispute after the company was designated a supply chain risk and barred from the platform.

Mastercard Brings Agentic Payments to Life in Singapore With DBS and UOB

Mastercard has taken a major step toward “agentic commerce” with the completion of its first live AI initiated payment transaction in Singapore, in partnership with two major banks, DBS Bank and United Overseas Bank (UOB). In the demonstration, an AI agent automatically booked a ride to Singapore’s Changi Airport through a mobility provider, initiating and completing the payment without a human clicking “confirm.” The transaction was enabled by Mastercard’s Agent Pay framework, which uses tokenized credentials, dedicated “agentic tokens,” and passkey authentication to verify identity and ensure that the consumer has explicitly authorized the AI agent to act on their behalf.

The pilot illustrates how AI agents could soon handle routine purchases, such as travel bookings, transportation, or retail transactions, while financial institutions provide the security and authentication layers needed to maintain trust. Mastercard is positioning Singapore as a hub for this shift, launching an AI Centre of Excellence and working with banks and merchants to build infrastructure for AI driven payments across the Asia Pacific region. The move signals a broader trend: as AI systems evolve from assistants into autonomous actors, financial networks are racing to create the rails that allow those agents to safely transact in the real economy.

YouTube expands AI deepfake detection to politicians, government officials etc

YouTube is expanding its AI driven deepfake detection capabilities to a new pilot group that includes government officials, political candidates, and journalists. The platform’s “likeness detection” tool, which functions similarly to its Content ID system but for identifying synthetic media, first rolled out to millions of creators last year. Now, eligible public figures can upload verified identity information and then review videos that the system flags as potentially AI generated impersonations of their likeness, with the option to request removal if the content violates YouTube’s policies.

While the technology aims to help protect individuals from unauthorized AI impersonation and misinformation, YouTube stresses that not all flagged content will be removed. The company is also advocating for broader regulatory frameworks like the NO FAKES Act to establish clearer legal protections against deceptive AI media. This expansion reflects growing industry efforts to address the risks posed by sophisticated AI deepfakes in public discourse and information ecosystems.

More links to explore:

• New England National Security Conference June 3, 2026

• The New White Collar Moat In AI

Trump’s New National Cyber Strategy and the Threat of Inconsistent Defense

New North Ventures portfolio company, CrunchAtlas, is focused on enabling proactive cyber defense for some of the most vulnerable parts of America’s critical infrastructure including small and independently operated utilities. Rather than relying on expensive, outsourced security operations centers, the company is building technology that allows utilities to conduct their own cyber threat hunting and defensive operations in a self contained environment. The platform is designed to make sophisticated cyber capabilities accessible and affordable for organizations that traditionally lack the budget or personnel for enterprise grade security. By giving utilities the tools to detect adversaries, collaborate with peers, and operate independently, CrunchAtlas helps shift cybersecurity from a reactive compliance exercise to an operational capability that can be deployed directly by the organizations responsible for running essential infrastructure.

The direction CrunchAtlas is taking aligns closely with the themes emerging from President Donald Trump’s new national cyber strategy. The strategy emphasizes a more proactive and aggressive cyber posture, including the use of offensive cyber capabilities, stronger public private collaboration, and new technologies to secure critical infrastructure such as energy systems. It also highlights the need to empower industry and deploy advanced tools to detect and disrupt adversaries faster. In that context, solutions that allow infrastructure operators themselves to hunt threats and harden their networks are increasingly important. The challenge with cybersecurity for decentralized utilities has never been awareness, it’s cost, talent, and implementation. By making advanced cyber capabilities accessible and self contained, CrunchAtlas is addressing exactly the gap policymakers are now trying to close: enabling the private sector operators of critical infrastructure to become active participants in defending the nation’s cyber terrain.

How to Evaluate Deepfake Detection for Enterprise Use

Reality Defender, a North Ventures portfolio company, is at the forefront of combating the rising threat of AI generated deepfake media by providing advanced detection tools used in real world production environments. The company’s platform uses a multi model, machine learning approach to analyze audio, video, and images for subtle manipulation signals, allowing enterprises, governments, and critical institutions to identify synthetic or manipulated media before it can influence decisions or be used in fraud and impersonation attacks. Reality Defender’s technology supports real time detection in workflows such as secure communications, contact center authentication, and content verification, routing actionable signals into existing security and operational systems so teams can respond effectively. With offerings that include APIs, SDKs, and scalable deployment options, the company has built solutions designed to integrate directly into business systems where trust and identity verification are essential, helping organizations stay ahead of evolving deepfake threats.

Growth Capital Podcast recently featured New North Ventures Partner Bryan Mabry.
Dual-use isn’t about politics, it’s about optionality. Companies that serve both commercial and government markets often see stronger valuations, more resilience to budget shifts, and less exposure to procurement delays.
The conversation also highlights the risks and benefits of pursuing a dual-use strategy as an early stage founder.

Listen to the full episode here: https://lnkd.in/e5iEjnXY

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New Hampshire Positions Itself as New England’s Nuclear Innovation Hub

A significant opportunity is taking shape in the Northeast and a New North Ventures portfolio company is helping New Hampshire seize it.

StarCube is spearheading an effort to position New Hampshire as a respondent to the Department of Energy’s new Request for Information on nuclear innovation campuses. The DOE is actively soliciting state level interest to identify where the next generation of nuclear development, research, and workforce infrastructure should be anchored and StarCube is making the case that New Hampshire belongs on that shortlist.

To build the broadest possible coalition, StarCube has launched a dedicated hub at newenglandnuclear.org/nh-rfi to connect businesses, organizations, and individuals across the advanced nuclear, legacy nuclear, workforce development, nuclear waste management, and clean energy sectors. The effort reflects a core insight this community understands well: the line between energy security and national security is not a line at all.

The strategic rationale is compelling. New Hampshire is the only state in New England that currently permits new nuclear development, a regulatory posture that makes it uniquely positioned to attract the kind of long horizon investment and federal partnership that advanced nuclear requires. That matters beyond state borders: the ISO NE grid serves all of New England and ranks among the most expensive electricity markets in the United States. New nuclear capacity developed in New Hampshire won’t just serve local ratepayers, it will provide meaningful price relief across the region while strengthening grid resilience at a time when energy reliability has become a serious security consideration.

If your company or organization wants to engage, the call to action is straightforward. Review the DOE RFI directly at sam.gov, and join the coalition StarCube is assembling at newenglandnuclear.org/nh-rfi. The window to shape New England’s energy and security future is open and New Hampshire is moving. Interested in learning more? Reach out!

The Next Theater of Competition Is the Water and the UK Knows It

A development out of the United Kingdom this week deserves more attention than it will likely receive in American defense and technology circles. Babcock has partnered with Tech Southwest to launch a National Marine Autonomy Accelerator, focused specifically on high growth companies working in autonomous marine systems and technologies. oceannews

This is not a generalist startup program with a maritime veneer. It is launching just months after Plymouth was designated as the UK’s National Centre for Marine Autonomy, and the Southwest of England is increasingly being recognized as the UK’s leading hub for advanced marine technologies. The British government and its defense industrial base are deliberately concentrating capability, geographic, institutional, and financial around a domain that is moving faster than most traditional procurement systems can track.

Maritime autonomy sits squarely in the dual-use space this community watches closely. Uncrewed surface vessels, autonomous underwater systems, AI enabled maritime domain awareness are just some technologies that have obvious commercial applications and equally strong national security implications. Babcock’s Global Technology Director stated the intent is to build the accelerator to support and ultimately integrate the most forward thinking SMEs into the wider capabilities delivered for defense customers. oceannews

The program culminates in an Investor Day in October 2026 and is open not only to companies already operating in the marine sector, but also to those looking to move into this high growth area. The UK is not just organizing its existing maritime tech base, it is actively recruiting new entrants into the sector, betting that the opportunity is large enough to expand the talent pool rather than simply sort it.

For American companies and investors operating in maritime autonomy, uncrewed systems, or adjacent dual-use technologies, the implications run in two directions. First, this is a signal worth calibrating against: a close ally is institutionalizing its advantage in a domain where competition, including from near peer adversaries, is intensifying rapidly. Second, it is a partnership opportunity. The accelerator’s structure, its connection to Babcock’s defense relationships, and the University of Plymouth’s research capabilities create genuine transatlantic engagement pathways for U.S. firms thinking seriously about allied market access and co-development.

The details and application information are available at techsouthwest.co.uk/growth-forge. If maritime autonomy is in your portfolio or your strategy, this is one to watch.

Why Iran: The Asymmetric Shield

Iran's military strategy was never about matching the US plane-for-plane. Instead, Tehran built an arsenal of thousands of low cost drones, 3,000+ ballistic missiles, and a regional proxy network, asymmetric capabilities designed to create a conventional shield dense enough to make any strike on its nuclear program too costly to attempt. Cheap drones that overwhelm advanced air defenses through sheer volume, raising the price of intervention while nuclear development proceeds behind the curtain.

The February 2026 US-Israel operations are designed to dismantle that shield and the program behind it simultaneously, without ground forces. The campaign is layered: kinetic strikes against air defenses, missile sites, and command and control, combined with cyber operations and electronic warfare targeting Iran's communications and launch infrastructure. It's a case study in how modern conflict increasingly relies on standoff precision, signals disruption, and domain convergence rather than traditional occupation.

Hamlet Yousef mentioned an often overlooked dimension: a 2022 Middle East Institute paper documents how the IRGC's senior ranks are increasingly shaped by Mahdist ideology, which frames the missile program, militia network, and nuclear pursuit not as separate policy tracks but as pillars of a single mission. Western analysts have largely treated Iran's behavior as rational state interest. The MEI researchers argue that's an incomplete picture and one reason the asymmetric buildup has been so persistent despite decades of sanctions.

Source: MEI "Iran's Revolutionary Guard and the Rising Cult of Mahdism" (Golkar & Aarabi, 2022)

More links to explore:

• [Virtual Event] Shields Up: Key Technologies Reshaping Cybersecurity Defenses Mar 19, 2026

• Why California is Reconsidering Nuclear Energy After 50-Year Ban

• Boston Tech Week is Coming Soon May 26-31

CYBERA’s Recorded Future Partnership

Big news from one of our portfolio companies. Recorded Future has expanded its payment fraud prevention capabilities through a partnership with CYBERA, integrating CYBERA’s Money Mule Intelligence directly into the Recorded Future Platform recordedfuture. This puts CYBERA’s technology in front of one of the most respected names in threat intelligence. The timing couldn’t be better: APP fraud losses in the U.S. are projected to reach nearly $15 billion by 2028, and regulators are increasingly shifting liability to banks that fail to detect mule accounts recordedfuture, creating urgent and growing demand for CYBERA’s technology. Unlike probabilistic risk scoring, CYBERA verifies each account with evidence and contextual metadata, and large financial institutions have already prevented multiple six-figure losses by embedding CYBERA’s intelligence into their transaction monitoring workflows. With a Recorded Future partnership on the books, Mastercard Start Path membership secured, and enterprise wins already on the board, CYBERA is heading into its Series A raise with the kind of proof points that make the conversation very different.

HawkEye 360 Expands Partnership with European MoD Clients

HawkEye 360 has been selected by a European Ministry of Defense for an electronic warfare program valued at up to $75 million. This contract reflects both the company’s deepening international footprint and the broader surge in European defense investment following years of underinvestment in sovereign ISR capability. Under the contract, HawkEye 360 will deliver subscriptions to its Air Defense and GPS Interference Monitoring services, enabling the customer to monitor and assess activity across areas of interest. This win follows a string of recent contract actions including a U.S. Navy renewal focused on Indo-Pacific maritime domain awareness and an NRO selection for tactical RF data and analytics, cementing HawkEye 360’s position as the go-to commercial provider for space based signals intelligence on both sides of the Atlantic.

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Army Bets on Scale and a Free Market to Close the Drone Gap

At the conclusion of the Army’s inaugural Best Drone Warfighter Competition, Army Secretary Dan Driscoll outlined an ambitious vision for rapidly expanding America’s drone capabilities. Central to that goal is a fundamental cultural shift, drones should no longer be treated as accountable equipment signed out of an arms room, but as expendable ammunition consumed in the field. For investors and founders, that reclassification matters: it signals a move toward high volume, low cost, attritable systems rather than expensive long lifecycle platforms.

The Army is also launching a soldier rated drone marketplace next month, allowing private companies to sell directly to units, with open competition expected to drive prices down and quality up. This is an unusually direct path to Department of War adoption for startups, one that bypasses much of the bureaucratic friction that has historically made defense a difficult market to enter.

A few numbers worth noting:

• 1 million drones targeted for procurement within 18-24 months

• 5 to 15 million drones China produces annually. US is racing to close this gap

• 200+ soldiers competed in the inaugural Best Drone Warfighter Competition

The broader takeaway for capital allocators and founders: the drone market is no longer speculative, it is a stated national priority with procurement architecture being purpose built around speed and volume. The whitespace isn’t just in the drones themselves, but across the full stack: manufacturing scale up, counter drone systems, AI-enabled autonomy, logistics software, and training platforms. The Army wants partners who can move fast and iterate in near real time. That’s a startup friendly posture worth paying close attention to.

Energy Departments team up to advance future of nuclear power, military base energy security

In a striking demonstration of where defense energy policy is heading, the U.S. Air Force loaded a next generation nuclear reactor, the Ward 250 a 5 MW unit small enough to fit inside a C-17 cargo aircraft, and flew it to Hill Air Force Base Utah for testing and evaluation. The joint operation between the Departments of War and Energy, dubbed Operation Windlord, is part of a broader push to build energy infrastructure that doesn’t depend on the civilian power grid. The rationale is straightforward: the future of warfare is extraordinarily energy intensive, spanning AI data centers, directed energy weapons, space systems, and cyber infrastructure. The commercial grid simply wasn’t built to support it.

The policy tailwind here is significant. President Trump signed four executive orders in May 2025 specifically targeting nuclear energy modernization, streamlining reactor testing, reforming the NRC, and directing advanced reactors toward national security applications. Secretary of Energy Chris Wright has stated publicly that the administration expects three small reactors to be operational by July 4th of this year. The message from Washington is clear: the nuclear industrial base is being deliberately reactivated, with private capital and American innovation as the engine.

For investors and founders, this is the moment that micro and small modular nuclear has been waiting for. The military is the ideal first customer. It has the budget, the urgency, the regulatory runway, and a use case (energy independent forward bases) that makes the value proposition undeniable. But the implications extend well beyond defense. A reactor that can be airlifted and deployed anywhere is also a transformative asset for data centers, remote industrial operations, disaster recovery, and grid resilience. Companies building in this space, whether in reactor design, fuel supply, deployment logistics, or the regulatory and permitting stack, are operating in a market that now has explicit government backing, a defined procurement pathway, and a technology that the broader economy increasingly cannot afford to ignore.

More links to explore:

• Navy’s Future Fleet Hinges on Autonomy, Agility

• China’s mysterious Shenlong space plane recently launched on its 4th mission

• CNAS Insights | America Isn’t Ready for a Drone War

Cybera was selected for Mastercard's Start Path Security Solutions program, an accelerator focused on cybersecurity, fraud prevention, and digital identity. The company's agentic AI platform takes a proactive approach to fraud. Rather than acting after money has already moved, Cybera identifies verified mule accounts in advance so banks can block transactions before funds ever leave. The Mastercard partnership opens the door to thousands of financial institutions, expanding Cybera's reach at a time when AI enabled scams and real time payments are making fraud harder than ever to stop.

Anno.AI is building the Lake Superior Test Range, an ecosystem spanning Duluth, Lake Superior, and reclaimed Iron Range mines, designed for companies and defense partners to rigorously test AI enabled autonomous vehicles, aircraft, and maritime platforms. Anno.AI was recently selected for Phase I of the Department of War Drone Dominance Program. This is a fast paced acquisition effort to rapidly field low-cost, one-way attack drones at scale; the evaluation began Feb 18th at Fort Benning and will lead to roughly $150 million in prototype delivery orders, with the broader four phase, $1.1 billion initiative aiming to drive down costs, increase production, and field hundreds of thousands of weaponized drones by 2027.

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Last week, New North Ventures convened 300 investors, entrepreneurs, policymakers, academics, and government leaders for the 2026 Boston Innovation Summit. The gathering reflected a growing recognition that national security, economic competitiveness, and technological leadership are now inseparable and innovation increasingly happens at the seams between public and private sectors.

The Summit focused on dual-use technologies and systems-level challenges shaping the next decade: economic warfare and geofinance, maritime autonomy, cyber trust and disruption, and the pathways required to take frontier technologies from seed-stage ideas to scaled, mission-critical capabilities. Across fireside conversations, panels, and a startup showcase, one theme was consistent: the strategic environment has changed faster than our institutions, and capital, founders, and governments are being pulled onto the front lines whether they intend to be or not.

Fireside Chat: Michael Morell and Bryan Mabry

The day opened with a fireside conversation between former Acting CIA Director Michael Morell and Bryan Mabry, Partner at New North Ventures, setting the strategic tone for the Summit. Their discussion underscored how geopolitical competition is no longer defined solely by military strength, but by data, financial systems, technology platforms, and private-sector decision-making.

Morell emphasized that today’s intelligence and security challenges increasingly depend on capabilities developed outside government. Mabry reinforced that innovation velocity, not just scale, has become decisive. Together, they framed the core question that echoed throughout the day: how can democratic societies align capital, innovation, and policy quickly enough to compete in a world of persistent, sub-threshold conflict?

Panel: Economic Warfare & Geofinance

Moderator: Jason Wright (Steptoe LLP)

Panelists: Regina Abrami (UPenn), Matt Flug (Irregular Warfare Initiative), Eric Paley (MA Secretary of Economic Development)

This panel explored how economic power has become a primary domain of competition. Jason Wright opened by distinguishing economic warfare, the active use of tools like sanctions, export controls, and investment restrictions from geofinance, the underlying financial infrastructure and capital flows that shape outcomes long before a crisis is declared.

Matt Flug discussed sanctions and export controls as tools of irregular warfare, arguing that venture-backed companies operating in dual-use and national security-adjacent sectors must assume regulatory and national security obligations far earlier than founders historically have. Governance, compliance, and resilience are no longer optional — they are strategic design choices.

Professor Regina Abrami examined how allies and adversaries have adapted to U.S. trade and sanctions regimes. She highlighted that some adversaries have become more sophisticated in working around constraints, while allies increasingly feel strain from unilateral or poorly coordinated policies. For investors, her message was clear: geopolitical adaptation is now a core diligence factor.

Eric Paley brought the conversation home to Massachusetts, outlining how state-level economic development can serve as a resilience strategy. He pointed to initiatives like SHIELD and regional microelectronics coalitions as examples of how public-private partnerships can harden critical supply chains while accelerating innovation. The panel closed with a provocative question: if we are already in a financial conflict, what does “winning” actually look like and are we making dangerous assumptions about the durability of U.S. financial power?

Panel: AI on the High Seas — How Automation is Shaping Maritime Tech

Moderator: Kelley DeConciliis (VTG)

Panelists: Fred Pasquine (Fairlead), Zach Lyman (In-Q-Tel), Joe Turner (Havoc AI)

This panel examined maritime autonomy as both a commercial opportunity and a strategic necessity. Speakers highlighted how AI-driven systems are reshaping sensing, logistics, and operations in contested maritime environments, where scale and speed matter more than exquisite platforms.

The discussion emphasized the need for smaller, more numerous, and more autonomous systems to outpace adversaries, particularly in gray-zone and denied environments. Investors were urged to think beyond traditional defense primes and toward software-defined platforms, dual-use maritime data, and autonomy stacks that can transition between commercial and defense applications.

Startup Showcase

Four early-stage companies presented solutions at the intersection of security, infrastructure, and emerging technology:

• Endox — Building AI powered robotics in defense, logistics, and manufacturing to onshore critical industries. Endox was selected as the winner of the Startup Showcase via audience choice.

• Headlamp — Veteran workforce talent matching platform.

• Optica Labs — AI assurance layer that turns risk into acceleration.

• AtlasConnect — Gives VCs and startups investment infrastructure, from intaking to liquidity.

The showcase reinforced that some of the most impactful national security capabilities are being built by small teams operating well outside traditional defense pathways.

Panel: From Seed to Scale — How Investors Fuel Dual-Use Startups

Moderator: Marc Nichols (DLA Piper)

Panelists: Cait Brumme (MassChallenge), Sam Spencer Pitman (Army Applications Lab / Army FUZE)

This panel focused on the capital and institutional pathways required to scale dual-use companies. Speakers highlighted the persistent gap between early technical validation and large-scale government adoption.

Cait Brumme discussed the role of accelerators and innovation hubs in de-risking early-stage companies, while Sam Spencer Pitman provided insight into how programs like Army FUZE help startups navigate defense customers without losing commercial momentum. The takeaway for founders: success requires fluency in both venture and government ecosystems and investors who understand the timeline mismatches between them.

Panel: Cyber Trust and Disruption — How Collaboration Secures Infrastructure

Moderator: Jeremy Hitchcock (New North Ventures)

Panelists: Michael Madon (ABCorp, former U.S. Treasury), Bob Scott (NEUCIC Commissioner), Hans Olson (UMass Lowell)

The closing panel tackled one of the most urgent and unsettled issues in cybersecurity: the shift from passive defense toward active disruption. Panelists discussed how the term “hackback” has evolved into “disruption,” signaling a potential policy shift toward more permissive industry countermeasures.

Michael Madon argued that industry is increasingly forced to act on its own as federal agencies struggle with clearance delays, safe harbor concerns, and institutional inertia. Bob Scott offered a note of caution, emphasizing the risks of untrained actors engaging in disruption and the danger of exposing sensitive capabilities. Hans Olson highlighted the role of agentic AI, noting that as sophisticated cyber responses become push-button simple, the barriers to action and to mistakes are collapsing.

The panel converged on a central tension: when the government cannot move fast enough, industry self-help becomes inevitable, creating both serious risks and major market opportunities, particularly in underserved sectors like water and wastewater utilities.

Looking Ahead

The 2026 Boston Innovation Summit made clear that dual-use innovation is no longer a niche, it is the operating environment. Financial systems, AI, cyber infrastructure, and autonomous platforms are now strategic terrain. Founders, investors, and policymakers must navigate this reality together, with speed, trust, and a shared understanding of risk.

New North Ventures convened the Summit to help build that shared understanding and to accelerate the partnerships required to ensure that innovation remains a source of resilience rather than vulnerability. The conversations in Boston will continue well beyond this room, shaping how capital and technology are deployed in an era of persistent competition.

SAVE THE DATE: 2027 BOSTON INNOVATION SUMMIT — FEBRUARY 4th.

On February 5th New North Ventures is hosting the annual Boston Innovation Summit—an inside look at where dual-use innovation is heading and why public–private collaboration matters now more than ever. The summit brings together leaders from government, academia, R&D, industry and venture to tackle the toughest national security tech challenges. This year features a startup pitch competition and high-impact panels covering the following topics:

• Economic Warfare & Geofinance

• AI on the High Seas: How Automation is Shaping Maritime Tech

• From Seed to Scale: How Investors Fuel Dual-Use Startups

• Following the Money in Cyberspace: Defense Through Financial Intelligence

If you want a front row seat to what’s emerging, what’s shifting and what’s next in defense tech and investing you will want to be here.

Register Here

Powering the AI Boom: The Hidden Bottleneck Investors Can’t Ignore

The AI surge isn’t just a software revolution — it’s an energy crisis. Microsoft, OpenAI, Amazon, Google, and Meta are pouring billions into new data centers, but many facilities are sitting idle because there isn’t enough electricity to run them. Satya Nadella, Microsoft’s Chief Executive, sums it up: the problem isn’t a lack of compute — it’s a lack of power.

Big tech is in a construction frenzy: over $400bn in capex is planned in the coming years, dominated by data centers. OpenAI’s infrastructure deals alone total $1.4tn, representing 28GW of planned capacity. But the grid can’t keep up. Interconnection delays now stretch beyond eight years, and equipment like transformers and turbines face multi-year backlogs.

Some hard numbers:

• By 2026, five U.S. data centers will draw more than 1GW each at peak.

• Microsoft’s Wisconsin site could surpass 3GW by 2028.

• The U.S. added 51GW of new capacity in 2024; China added 429GW, over a third of the world’s total increase.

With the grid choking, companies are scrambling — installing onsite gas turbines, restarting nuclear plants, and hunting for alternative power sources. But upgrades are slow and costly: transformers take 3–4x longer to get than in 2020, and new gas turbines are ~4.5 years out.

What this means for investors and dual-use tech:

• AI is now power-constrained, not compute-constrained.

• Energy infrastructure has become a strategic national asset.

• The nexus of reliable, flexible power + AI compute is an emerging investment frontier.

The AI boom is colliding head-on with America’s grid limits. Anyone tracking dual-use tech, AI infrastructure, or national competitiveness needs to understand this bottleneck — it’s the new battleground.

America’s Nuclear Battlefield: The Janus Program’s Strategic Power Play

The Janus Program — launched by U.S. Army in November 2025 — seeks to deploy compact nuclear microreactors on domestic military bases by 2028, with prototype power plants expected by 2030.

The plan names nine initial candidate bases, each with high energy demands. These microreactors would operate independently of the civilian grid, offering resilient, secure power for installations even under threats like grid failure, cyberattacks, or supply‑chain disruptions.

Under a fast, milestone‑based contracting model, private firms will build and operate the reactors under Army oversight — marking a shift toward commercially managed but militarily regulated nuclear infrastructure.

If successful, Janus may redefine how the U.S. powers its military footprint — reducing dependence on diesel/fossil support, boosting energy resilience, and accelerating broader adoption of advanced reactor technology.

NNV’s portfolio company Anno.AI partnered with Spear AI turning Duluth Minnesota & Lake Superior into a new national hub for autonomous systems testing. Drawn by the region’s extreme weather, varied terrain, and wide-open air and water space, the two companies are building a real-world proving ground for next-generation aircraft, vehicles, and maritime systems.

Spear AI is deploying advanced sensor buoys across the lake, while Anno.AI is laying the groundwork for a full “Lake Superior Test Range” with fiber-optic infrastructure, radars, and upgraded port capabilities. Backed by a $17.5M defense contract and $10M in private capital, the companies have already begun hiring locally and expect to rapidly expand.

The result: Duluth is positioning itself as a strategic node for national security innovation — and a rising economic engine — as autonomous tech moves from lab environments into the real world.

In this episode, host Jeremy sits down with Paul Lwin, the pioneer behind HavocAI, a maritime technology company that’s just 21 months old. Paul shares their incredible journey of raising $85 million, growing a team of 80, and generating $3 million in revenue through advanced autonomous maritime vessels. Learn about Havoc’AIs mission to create a ‘Hellscape’ in the Pacific with thousands of intelligent vessels, overcoming challenges in maritime environments, and utilizing cutting-edge AI and ML technologies. With real-world applications and insights into dual-use innovation, this episode sheds light on the future of maritime domain awareness and autonomous systems.

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A new Council on Foreign Relations task force just revealed something unsettling: China has outspent the U.S. 3-to-1 over the past decade on the technologies that will define the next century. While we’ve been debating industrial policy in conference rooms, Beijing has been building quantum satellites, dominating rare earth refining, and quietly becoming the contract manufacturer for 80% of U.S. biotech companies. The gap isn’t just closing—in some areas, it’s already closed.

The Task Force’s November 2025 report identifies a critical vulnerability pattern across AI, quantum computing, and biotechnology. Consider the bottleneck cascade: the U.S. depends on China for 70% of rare earths and 99% of heavy rare earths needed for semiconductor manufacturing. Those semiconductors power AI data centers, which require printed circuit boards—30% of which come from China. Chinese firms have captured 33% of global active pharmaceutical ingredient capacity, and 80% of U.S. biotech firms have at least one Chinese contract.

This isn’t just about supply chain risk—it’s about compounding dependencies in foundational technologies worth an estimated $29 trillion by 2040. When one Chinese firm (WuXi AppTech) has been involved in developing a quarter of drugs used in the United States, we’re not discussing contingency planning anymore. We’re discussing technological sovereignty and risk to economic resilience.

The most striking data point: China closed the AI model performance gap by 80% in 2024 alone across four key benchmarks. Meanwhile, U.S. biotech startup financing dropped 65% in early 2025, and China is spending twice what the U.S. spends on quantum research. The investment arbitrage is real, and it’s accelerating.

For dual-use investors, three sectors warrant immediate attention:

1. Onshore semiconductor inputs: The report recommends $3B in incentives to domesticate chemical production for chips (wet chemicals, photoresists, dry etchants). Look for companies building these capabilities in partnership with Japanese firms, particularly those that can capture the 25% initial investment subsidy for U.S. facilities.

2. Quantum computing infrastructure: DOD procurement of utility-scale quantum computers (recommended $1.3B initial funding) will create downstream opportunities. Track companies developing specialized components currently single-sourced from Finland (dilution refrigerators) or Germany (ultra-high vacuum chambers). The supply chain diversification play is early but essential.

3. Biomanufacturing hubs: The recommended network of advanced biomanufacturing facilities with private co-investment addresses a critical gap. Companies positioned to build six-month stockpiles of key starting materials and APIs from trusted markets will benefit from both strategic importance and probable government funding.

The report’s recommendation to establish an Economic Security Center at Commerce signals a more coordinated, sustained approach to industrial policy. This isn’t a political cycle phenomenon—it’s a generational reorientation of how economic and national security intersect. For investors in dual-use technologies, the message is clear: supply chain provenance and domestic manufacturing capacity are becoming as important as technical capability. The companies that solve for both and the investors who back them will capture disproportionate value in the decade ahead.

Be the Navy, Not a Pirate

Andreessen Horowitz published a piece last week arguing that successful organizations must evolve from pirates to navies. Pirates move fast and win battles through audacity. Navies build systems, codify doctrine, and project power at scale. The essay uses SpaceX as the exemplar of this transition done well. Structure, properly designed, enables rather than inhibits speed.

The timing is notable because we are watching this exact tension play out in defense procurement. The Pentagon’s recent reforms emphasize wartime speed. The CFR task force report documents supply chain dependencies that cannot be solved through acquisition velocity alone. You need both the pirate’s decisiveness and risk tolerance and the navy’s infrastructure.

The companies that succeed in dual-use markets will be those that can move with pirate speed while projecting navy reliability. That combination is rare and difficult to build, which is precisely why it creates defensible advantage.

More links to explore:

• US will sell F-35 to Saudi Arabia

• Now Tech Moguls Want to Build Data Centers in Outer Space

HavocAI has won the U.S. Army’s xTechPacific 2025 competition with its Rampage Autonomous Maritime Protection Platform for vessel escort. The company took first place among twelve finalists competing across three challenge areas focused on Indo-Pacific operational requirements. Havoc now receives $55,000 in non-dilutive prize money and eligibility to submit a Direct to Phase II Army SBIR proposal worth up to $2 million for prototype development.

The win validates Havoc’s software-first approach to autonomous maritime defense at a moment when the Pentagon is actively seeking advanced capabilities for watercraft protection. The company demonstrated sufficient technical maturity to move directly into prototype development, bypassing traditional Phase I requirements. Congratulations to the Havoc team.

In this episode, host Jeremy sits down with Paul Lwin, the pioneer behind HavocAI, a maritime technology company that’s just 21 months old. Paul shares their incredible journey of raising $85 million, growing a team of 80, and generating $3 million in revenue through advanced autonomous maritime vessels. Learn about Havoc’AIs mission to create a ‘Hellscape’ in the Pacific with thousands of intelligent vessels, overcoming challenges in maritime environments, and utilizing cutting-edge AI and ML technologies. With real-world applications and insights into dual-use innovation, this episode sheds light on the future of maritime domain awareness and autonomous systems.

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When George Washington resigned his commission and returned to Mount Vernon, he set a precedent as powerful as any victory—service without self-interest. Like the Roman farmer-soldier Cincinnatus, he embodied the ideal of citizens who serve not for power or profit but to preserve the republic. That same spirit shaped the first American soldiers in 1775, ordinary people bound by an oath to defend ideas greater than themselves.

Two and a half centuries later, that oath still echoes. It endures in veterans who traded uniforms for startups and in founders who see technology as a civic act. At New North Ventures we’re seeing a generation of entrepreneurs who combine Washington’s restraint with Franklin’s inventiveness—builders who understand that innovation and duty are not opposing forces but complementary virtues. Dual-use ventures at their best follow this lineage, solving national problems through private initiative and balancing commercial success with public purpose.

For those working at the frontier of defense and technology, the lesson is both timeless and practical. Serve first, build well, hand it forward. The measure of success is not how much power is kept but how much resilience is created. The oath that once bound citizen-soldiers now guides citizen-builders—quietly, steadily, toward a stronger republic.

Pentagon Procurement Push

The Pentagon is moving at what Defense Secretary Hegseth calls “wartime speed” to overhaul weapons production. Program offices are being streamlined, testing bottlenecks cleared, and commercial solutions are being used when custom military systems move too slowly. The goal is to prevent bureaucracy from leaving the U.S. behind in an era of fast-moving global threats.

The changes are affecting both traditional defense contractors and newer, nontraditional suppliers. Major contractors like Boeing and Lockheed Martin now face pressure to adapt or risk losing ground to smaller, more agile companies. The Pentagon is also aiming to diversify supply chains and create incentives for companies to invest in production capacity, signaling a willingness to move beyond decades-old acquisition practices.

For dual-use founders and investors, the key takeaway is that the Pentagon is actively creating space for faster contracting and alternative suppliers. How these shifts play out over the next 12 to 18 months—particularly in partnerships between startups and legacy players—will be worth watching closely. The emphasis on speed, reliability, and flexibility in acquisition reflects a significant evolution in U.S. defense procurement.

More links to explore:

• US Nuclear Bomber Fleet Shares Fence With Trailer Park Linked To Chinese Intel-Tied Fraudster

• The Next Big Funding Source Isn’t VC/PE. It’s the Office of Strategic Capital

Reality Defender has been inducted into JPMorganChase’s 2025 Hall of Innovation, recognizing its deepfake detection platform for measurable business impact and trusted partnerships in securing critical communications. The award highlights the company’s ability to protect enterprise operations from AI-driven impersonation and fraud.

The induction follows Reality Defender’s recent RealAPI launch, which expands deepfake detection capabilities to developers worldwide. The platform integrates directly into enterprise workflows, helping organizations verify content authenticity at scale while reducing fraud exposure and maintaining business continuity in an era of rapidly evolving generative AI threats.

For investors and partners, Reality Defender exemplifies the dual-use promise: combining advanced AI technology with operational credibility and tangible outcomes. By partnering closely with financial institutions like JPMorganChase, the company demonstrates that proactive, scalable defenses against synthetic media are not just possible—they are essential.

In this episode, host Jeremy sits down with Paul Lwin, the pioneer behind HavocAI, a maritime technology company that’s just 21 months old. Paul shares their incredible journey of raising $85 million, growing a team of 80, and generating $3 million in revenue through advanced autonomous maritime vessels. Learn about Havoc’AIs mission to create a ‘Hellscape’ in the Pacific with thousands of intelligent vessels, overcoming challenges in maritime environments, and utilizing cutting-edge AI and ML technologies. With real-world applications and insights into dual-use innovation, this episode sheds light on the future of maritime domain awareness and autonomous systems.

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Over the past two years, we have seen private capital increasingly stepping into national security with purpose and growing confidence. The center of innovation is no longer inside government labs. Most of the talent, velocity, and creativity now lives in startups and commercial ventures. Companies like Anduril and Palantir have shown that defense-focused innovation can scale, deliver meaningful capability, and produce real returns. Success attracts attention and reinforces itself.

The world is demanding faster, more adaptable solutions. Events in Ukraine and the Middle East make clear that future conflicts will be shaped by technologies developed outside traditional defense channels. LPs and family offices are taking notice. Much of the capital flowing into this space is still labeled impact or patriotic but that is changing as dual-use technology integrates with broader commercial markets. Smart investors see opportunity in this intersection of mission-driven innovation and venture-scale returns.

Policy developments are quietly aligning with market realities. The Pentagon is evolving its approach to procurement and innovation. Technology will always move faster than government but reforms designed to accelerate fielding and encourage outside investment signal that the system is becoming more receptive. That said, friction remains. Government timelines and incentives do not always match the speed of startups and it’s unlikely they will ever keep pace. Investors must acknowledge this without letting it obscure the opportunity.

For those tracking this space the signals to watch are clear. Bipartisan support for acquisition reform and measured policy changes will widen the opportunity set. The space is real, the technology is exciting, and the returns are there for those who seek to understand the terrain and act with discipline.

The Latest Buzzy Tech Investment: Ukrainian Drones

Ukraine’s drone startups are a lesson in innovation under pressure. Many began in garages or makeshift workshops - including those in regions under persistent attack - and have been tested in real conflict. Investors are taking notice because these teams deliver results where it counts. Western capital is helping them scale, professionalize governance, and expand internationally. The pattern reflects what we are seeing more broadly in defense tech. Battlefield-proven performance and operational credibility are what attract investment and create opportunities. Technology alone does not win deals. Execution, adaptability, and the ability to navigate regulatory and policy environments determine who succeeds. The war in Ukraine and the partnerships it has sparked show that practical impact matters.

More links to explore:

• Draft memo reveals potentially sweeping Pentagon acquisition reforms

• “The Entire Northern Hemisphere Can Be Controlled From the Space Above the Arctic”

HavocAI has announced a partnership with Hanwha Global Defense to accelerate production of autonomous surface vessels, including drone boats designed for rapid deployment and maritime operations. The collaboration combines Hanwha’s shipbuilding expertise with HavocAI’s agility and autonomy software, creating a unique bridge between established industrial capability and startup innovation.

The partnership comes on the heels of HavocAI’s recent $85 million funding round and executives are now familiarizing themselves with each other’s shipyards and operational processes in South Korea. The companies aim to scale quickly, with demonstrations already taking place in the Pacific and a goal to expand U.S. shipbuilding capacity while maintaining global operational reach.

Autonomous vessels like HavocAI’s Rampages and Kaikoa offer a cost-efficient, adaptable approach to maritime defense, addressing capacity gaps and delivering battlefield-ready technology faster than traditional programs. Investors and partners see a company that pairs technological maturity with a startup’s ability to move decisively, positioning HavocAI to set a new standard in naval innovation.

In this episode, New North Principal, Jess Nelson, guest hosts and is joined by Ben Faberlle, CEO of CrunchAtlas, a company pioneering AI-enabled cyber defense solutions. Ben discusses his transition from a military career to founding CrunchAtlas, the inspiration behind the company, and the challenges in building scalable cyber defense technology. He also shares insights into the current threat landscape, the journey to securing their first federal contracts, and the focus on critical infrastructure. Ben offers valuable advice for startup founders on securing contracts, strengthening cyber posture, and navigating the commercial sector. Tune in to learn more about the future of AI in cyber defense and the impressive journey of CrunchAtlas.

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VC funding for defense tech is surging to record levels. PitchBook data shows global deal value likely hitting $10B this year, more than double 2024, and deal count up 11 percent even before year-end. Headlines whisper bubble, yet a closer look suggests this is less speculation and more structural realignment.

Certain categories of tech - like drones - are crowded. Nearly 60 percent of funding targets drone startups, and valuations have jumped from $22.8M across all sectors in 2024 to a median of $146M in defense tech today. Many newcomers are defense washing, claiming dual-use status with tenuous military relevance. These trends illustrate the hype, but hype is not the whole story.

Behind the headlines, long-term demand is real. Global military expenditure topped $2.7T in 2024, with the EU and US projecting hundreds of billions in new defense investment by 2030. Procurement timelines are shortening and VC-backed startups like Anduril, Shield AI, and Tiberius Aerospace are now winning government contracts. Structural tailwinds like these provide durable market signals that justify much of the recent capital inflow.

For LPs the lesson is clear. Look beyond the headline sectors and assess structural demand and government alignment. For founders the opportunity lies in underfunded dual-use areas, maritime autonomy, legacy modernization, and supply chain tech, where real gaps exist.

The defense tech market is undeniably in a hype cycle, but bubbles require misaligned fundamentals. Here, fundamentals are strong. Strategic patience, paired with selective capital deployment, remains the most reliable path to sustainable returns in dual-use markets.

The takeaway? Valuations may dazzle, but the underlying flywheel - government demand, structural gaps, and innovation - is turning steadily. The key is separating noise from signal.

Factory Towns Revive as Defense Tech Makers Arrive

Factory towns across the Midwest and Northeast are coming alive again, powered by defense tech start-ups. Swarm Defense Technologies in Auburn Hills, Mich., has transformed a vacant warehouse into a high-output drone facility, while Anduril’s $1 billion Ohio plant and Regent’s Rhode Island sea glider factory signal a broader trend. These investments leverage local skills, state incentives, and logistical advantages, creating industrial clusters that the federal government is eager to support.

The resurgence highlights the structural foundations behind the defense tech boom. Soaring valuations grab attention, but factories, skilled labor, and government demand anchor real, durable value. Industrial policy is shaping the geography of innovation, and investors and founders who recognize the intersection of capital, capabilities, and policy gain an edge. This trend will also play a key role in strengthening our nation’s economic resilience.

More links to explore:

• Putting Cybersecurity at the Core of National Security

• Segment over Scale: What Everyone Misunderstands About Anduril

Prelude Security just closed an additional $16 million funding round led by Brightmind Partners, with participation from Sequoia Capital and Insight Partners, bringing total funding to $45 million. The capital will accelerate commercialization of Prelude’s runtime memory protection, a next-generation endpoint security capability that detects and stops malicious code at execution.

Traditional endpoint solutions struggle against in-memory attacks, which now account for roughly 75% of advanced cyber threats. Prelude addresses this gap by monitoring code execution entirely in user mode, leveraging hardware-level telemetry to intercept attacks the moment they happen. This approach aligns closely with Microsoft’s Windows Resiliency Initiative and represents a fundamental evolution in endpoint security.

The funding enables Prelude to expand platform support, scale deployments, and continue pioneering defenses against sophisticated adversaries, including AI-enabled threats. Investors see a company combining technical rigor with real-world business impact, setting a new standard for the industry.

In this episode, New North Principal, Jess Nelson, guest hosts and is joined by Ben Faberlle, CEO of CrunchAtlas, a company pioneering AI-enabled cyber defense solutions. Ben discusses his transition from a military career to founding CrunchAtlas, the inspiration behind the company, and the challenges in building scalable cyber defense technology. He also shares insights into the current threat landscape, the journey to securing their first federal contracts, and the focus on critical infrastructure. Ben offers valuable advice for startup founders on securing contracts, strengthening cyber posture, and navigating the commercial sector. Tune in to learn more about the future of AI in cyber defense and the impressive journey of CrunchAtlas.

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U.S. export controls now link AI chip sales to revenue sharing. Companies developing technologies at the intersection of commercial and defense applications must interpret controls that combine national security, industrial policy, and market leverage in ways unseen in prior regulatory cycles. These shifts are creating new patterns - and opportunities - for investors and founders.

U.S. export controls have evolved into a strategic lever shaping investment and market dynamics. Licensing decisions tied to revenue, combined with China’s reciprocal Unreliable Entities List, are transforming the ecosystem into a space where regulatory moves ripple across valuations, funding rounds, and competitive positioning. Investors are recalibrating assumptions about market size, timing, and risk allocation as policy unpredictability becomes a priced factor. Founders targeting defense-adjacent technologies are adjusting capital strategies, prioritizing flexibility and forward visibility. What once existed to prevent technology proliferation now intersects industrial policy, trade negotiation, and financial incentives, creating an environment where regulatory insight is as critical as technical differentiation.

The broad shift in export control strategy is altering how capital evaluates frontier technology. Observing which regulatory levers are used, how counterparts respond, and when policies shift provides early indicators of market tension and investment risk. Investors are incorporating these signals into valuation models, funding cadence, and competitive analysis. Founders and capital allocators alike are learning that understanding regulatory intent and timing is as consequential as technology execution when pursuing growth in sensitive technology sectors.

Leveraging Contingent Capital as a Non- Traditional Discipline of Economic Warfare

A Joint Special Operations University report by Matthew Flug and Thomas Johansmeyer introduces “insurfare” as a new discipline of economic warfare for competing in the Global South. The authors contend that traditional approaches to influence have proven insufficient against adversaries like Russia and China, who provide economic support with fewer political strings attached. The result is a strategic challenge where the U.S. faces a substantial influence deficit among the 6.3 billion people living outside liberal democracies.

The proposed solution leverages parametric insurance as a proactive tool rather than reactive aid. As a means of capacity building, the US Special Operations Forces would establish insurance policies in vulnerable regions that automatically disburse funds when predetermined triggers occur. An earthquake exceeds a specific magnitude or crop yields fall below defined thresholds, and commercial insurers immediately release capital to affected populations. Because the U.S. only pays premiums rather than full relief costs, the approach delivers outsized impact from modest investment while bypassing the delays and corruption that often undermine traditional aid.

Flug and Johansmeyer argue this transforms economic security from defensive posture into offensive capability. Pre-positioned financial protection demonstrates U.S. commitment before disasters strike, while rapid post-event payouts deny adversaries the opportunity to exploit economic desperation through influence campaigns that create asymmetric advantage. The framework positions insurance as an irregular warfare tool suited for an era of strategic competition where economic resilience increasingly determines geopolitical alignment in contested regions.

More links to explore:

• The End of Cybersecurity

• Power Moves: How China’s Energy Investments Provide Durable Influence in South America

Thank you to everyone who joined us for the NNV Emerging Tech Showcase featuring three companies building the infrastructure layer for the next generation of space commerce. Auriga Space, a New North Ventures portfolio company, presented alongside ThinkOrbital and bluShift Aerospace, showcasing operational technology with NASA and DoD validation. These teams are developing critical capabilities that will enable the commercial space economy, and we’re grateful to our community of investors, founders, innovators and space technology enthusiasts for engaging with their work.

In this episode of Securing Our Future, host Jeremy Hitchock sits down with Sharon Weinberger, National Security and Foreign Policy Editor at The Wall Street Journal and author of “The Imagineers of War: The Untold Story DARPA, the Pentagon Agency that Changed the World.” Sharon shares her professional journey and insights on DARPA—a key player in technological advancements for national security. From DARPA’s role in developing the internet and stealth aircraft to its controversial projects like the Vietnam-era ‘Hafnium Bomb,’ Sharon delves into how DARPA’s missions have evolved over time. She also discusses the challenges of balancing high-risk projects with tangible payoffs and how DARPA can continue to stay relevant amidst growing private sector innovation. Listen in as we explore the future of national security innovation and the lessons learned from DARPA’s storied history.

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Emerging Tech Showcase: Space Innovation | 21 October @ 2:30PM EST

We’ve locked in three exceptional space startups that represent exactly what makes dual-use companies compelling—proven technology, real market traction, and applications that work across commercial and defense markets.

Next Tuesday, you’ll meet the founders behind Auriga Space, ThinkOrbital, and bluShift Aerospace. These companies are solving critical problems in space infrastructure and have navigated the NASA and DoD procurement gauntlet successfully. They’re building technologies that are in demand by both government and commercial customers, which is precisely where the most interesting opportunities emerge.

The space economy sits at an inflection point. Launch costs have dropped 95%. Government procurement is accelerating. The companies building the infrastructure layer right now will define the next decade of activity beyond Earth orbit.

If you’re tracking where defense innovation and commercial space intersect, this showcase is worth your time.

Register Here

Seven unicorns went public in Q3 2025, and the defense tech world celebrated a long-awaited liquidity moment. Firefly Aerospace doubled its valuation in three months. Gemini and Netskope priced above their last rounds. The narrative wrote itself about the exit market finally reopening for dual-use companies.

Each successful listing combined federal policy alignment with commercial revenue execution. Firefly built commercial launch services that generated predictable cash flows before Space Force contracts arrived. The company went public on the strength of diversified aerospace revenue that investors could model with traditional multiples, then benefited from defense modernization budgets as upside. Gemini timed its listing to the GENIUS Act passage, which removed regulatory uncertainty that had paralyzed crypto infrastructure investment. Netskope established enterprise cybersecurity revenue across Fortune 500 customers, proving product-market fit in commercial environments before layering federal sales as a growth driver rather than a core thesis.

Compare those outcomes to biotech, where listings fell from 22 in 2024 to just 8 this year. The companies possessed comparable technical quality and venture backing. Drug pricing pressure and regulatory rhetoric eliminated public market appetite regardless of clinical progress. The policy environment determined access to liquidity.

Strategic M&A activity tells a similar story through acquisition structure. Seventy-five percent of transactions occurred at Series A or earlier stages as buyers shifted from purchasing growth trajectories to acquiring deployed capabilities. Salesforce paid $2.1B for AI workflow tools already processing enterprise data. OpenAI spent $1.1B on shipping analytics infrastructure. Grammarly acquired operational email productivity features serving paying customers. Buyers paid for what companies had built and deployed, not what they promised to build, but did so before exponential growth.

Policy tailwinds in space, cybersecurity, and autonomy establish necessary conditions for exits. Space Force modernization budgets, federal zero-trust mandates, and defense procurement acceleration provide revenue visibility that public markets can underwrite and have confidence in. The $74.5B in Q3 exits and strong post-IPO performance prove investor appetite exists when these conditions align.

Commercial execution provides the sufficient condition. Policy alignment opens the exit window, but companies still must demonstrate unit economics and product-market fit that justify valuations beyond speculative multiples. The successful exits combined both elements rather than relying on either alone.

The investment implication matters for early-stage positioning. Companies building today benefit from tailwinds that will mature over 24 to 36 month development cycles. Federal appropriations in these sectors increased through FY2026 budgets. Regulatory frameworks continue clarifying rather than restricting. Strategic buyers demonstrate acquisition appetite for operational capabilities.

Fundraising metrics reinforce selective deployment rather than capital scarcity. Dry powder reached $311B while year-to-date fundraising totaled $45.7B, creating apparent tension. The capital exists and concentrates in sectors with policy support and commercial validation paths. Companies threading both needles raised follow-on rounds and attracted exit interest. Companies lacking either dimension faced extended private periods.

The H1 2026 listing calendar will test whether Q3 represented sustainable momentum or temporary opportunity. The underlying conditions appear durable. Strategic buyers continue seeking capabilities in policy-aligned sectors. Public markets reward profitability and mission relevance over growth narratives.

Early-stage investors backing companies in the right sectors with commercial-first execution strategies benefit from both policy tailwinds and validated exit paths. The window exists and the data confirms which companies can access it.

Economics Nobel Prize awarded for explaining innovation-driven growth

The 2025 Nobel Prize in Economics went to Joel Mokyr, Philippe Aghion, and Peter Howitt for explaining how innovation and its underlying forces drive sustained economic growth. The award recognizes work that directly addresses questions central to dual-use technology investment and defense innovation.

Mokyr, an economic historian at Northwestern, won half the prize for identifying why growth accelerated permanently only after the Enlightenment and Industrial Revolution. He pinpointed three prerequisites for sustained growth. Joint evolution of science and technology allowed people to understand why things worked. Mechanical competence enabled practical application. Societies remained open to disruptive change. Earlier civilizations achieved breakthrough innovations, but growth spurts remained temporary because these conditions did not align.

Aghion and Howitt developed the theory of sustained growth through creative destruction, constructing a mathematical model of how companies invest in new processes and products that outcompete predecessors. Their 1992 framework shows that innovation-driven growth operates through continuous displacement. Companies invest in R&D, develop superior offerings, capture market share, and then face displacement themselves by the next wave of innovators. The model explains why breakthrough capabilities emerge from competitive ecosystems rather than protected markets.

The laureates’ work demonstrates that continued growth requires specific structural conditions. Competitive markets must allow new entrants to challenge incumbents. Academic freedom enables fundamental research. Societies must remain open to disruptive change. At the press conference following the announcement, Aghion warned that inappropriate competition policy could allow dominant firms to squeeze out rivals despite AI’s growth potential. He also noted the widening technological gap between US and Chinese leadership and incremental European innovation.

The framework connects directly to defense technology development. The structural conditions that produce sustained economic growth increasingly matter for national security capabilities. Breakthrough dual-use technologies emerge from the same competitive, open innovation ecosystems that drive commercial advancement rather than from isolated defense contractors operating in protected markets.

More links to explore:

• Station DC is Bringing the New Space Economy to Washington

• How Europe crushes innovation

HavocAI raised $85 million this week to scale its maritime autonomy capabilities across vessel classes ranging from 14-foot swarming unmanned surface vehicles to 100-foot autonomous ships. The round included B Capital, In-Q-Tel, Lockheed Martin, Taiwania, and Vanderbilt University.

The company moved from concept to live deployments in just over a year. The technology delivers operational value in real maritime environments rather than controlled demonstrations, which explains why military and international partners continue expanding their use of the platform. The investor syndicate reflects the strategic importance of advanced maritime autonomy for national security and allied defense capabilities.

The trajectory from prototype to production deployment in twelve months demonstrates what dual-use companies can achieve when technical capability meets operational discipline. Maritime autonomy represents a critical capability gap that few companies are filling with technology that works in contested environments. As early investors in HavocAI, we’re excited to watch the team execute at a pace that continues to reinforce our investment decision.

In this episode of Securing Our Future, host Jeremy Hitchock sits down with Sharon Weinberger, National Security and Foreign Policy Editor at The Wall Street Journal and author of “The Imagineers of War: The Untold Story DARPA, the Pentagon Agency that Changed the World.” Sharon shares her professional journey and insights on DARPA—a key player in technological advancements for national security. From DARPA’s role in developing the internet and stealth aircraft to its controversial projects like the Vietnam-era ‘Hafnium Bomb,’ Sharon delves into how DARPA’s missions have evolved over time. She also discusses the challenges of balancing high-risk projects with tangible payoffs and how DARPA can continue to stay relevant amidst growing private sector innovation. Listen in as we explore the future of national security innovation and the lessons learned from DARPA’s storied history.

Thanks for reading Securing Our Future! Subscribe for free to receive new posts and support my work.

Space Innovation Showcase | 21 October

Join us for a one-hour showcase of three dual-use startups building in the space innovation sector who will present alongside former astronaut and Venture Partner Susan Kilrain.

These companies represent the core of our investment thesis and what we spend a lot of time discussing—startups working at the intersection of commercial applications and national security requirements. They’re building the in the final frontier that could define America’s competitive edge in the solar system!

If you’re tracking emerging defense innovation or thinking about dual-use scalability, joining us for the hour is well worth your time. The most interesting technologies often emerge when startups solve problems governments didn’t even know they had.

We will announce the exact time of the event in the coming days.

Register Here

Ukraine’s $140M battery deployment offers an unexpected window into expeditionary power challenges. According to the Wall Street Journal, Ukraine has installed 200MW of battery capacity across six sites designed to maintain grid stability during infrastructure attacks. The installations use American-made Fluence batteries in 8-foot modular blocks that continue operating when individual units fail.

A Pacific theater conflict presents similar challenges at dramatically larger scale. Military fuel consumption increased 2,200 percent since World War II, reaching 22 gallons per deployed soldier daily during recent operations in Iraq and Afghanistan, according to analysis in Proceedings. Those conflicts had the benefit of largely secure supply lines. The Pacific offers no such advantage. Commercial tanker capacity remains inadequate for sustained operations across those distances. The Navy recently defueled the Red Hill facility in Hawaii without replacement, removing critical fuel storage capacity from the theater. Supply lines stretching thousands of miles across contested waters create vulnerabilities at every point from refineries to forward operating positions.

We’ve seen several power generation startups come through our deal flow recently. The defense use case is clear. Ukraine demonstrates that modular, distributed energy systems can maintain operations under bombardment. Expeditionary forces need similar capabilities to sustain operations without vulnerable fuel convoys crossing an ocean. Hydrogen fuel cells, synthetic fuel production, and micro-reactors all address different facets of the mission to deliver power to the tactical edge.

The commercial case sparks the more interesting debates at our Fund. Wharton research shows data centers adding massive load to grids struggling to expand capacity. Disaster response and remote industrial operations need similar distributed power capabilities. The technical solutions often transfer cleanly. Unit economics and go-to-market strategy become the harder problems to solve. That’s exactly the kind of challenge worth working through. The defense application validates the technology works under the most demanding conditions. Finding the commercial path to venture scale returns is where the real work begins.

Drone Deal with Ukraine to Give U.S. Access to Battlefield Tech

The Wall Street Journal reports that Ukraine is negotiating a landmark technology transfer agreement with the U.S. that would formalize American access to Ukrainian drone technology in exchange for royalties or other compensation. A Ukrainian delegation led by Deputy Defense Minister Sergiy Boyev began talks with Pentagon and State Department officials this week.

The agreement reflects a fundamental shift in the defense technology relationship. Ukraine produced more than two million drones last year and can manufacture them at 20% to 30% of the cost of its Western counterparts. The country has pioneered cheap first-person view attack drones, naval drones, and AI integration under combat conditions. More than 300 drone companies now operate in Ukraine, creating a mature industrial ecosystem that Western defense sectors are racing to access.

Several mechanisms are under discussion. Ukrainian companies might provide technology and prototypes to American firms for royalty payments. Another option involves Ukrainian companies establishing U.S. subsidiaries for domestic production. Direct procurement from Ukrainian manufacturers remains a third possibility.

The primary technical challenge involves Chinese components. Ukrainian drones incorporate Chinese parts extensively, which creates supply chain security issues for American applications. U.S. companies acquiring Ukrainian technology cannot use Chinese components, requiring redesign for secure supply lines.

The agreement highlights how active conflict accelerates innovation and acquisition cycles. Ukraine’s battlefield experience provides data and operational insights that laboratory testing simply cannot replicate. The country’s ability to rapidly incorporate battlefield innovations into production represents as much value as the underlying technology itself.

More links to explore:

• Silicon Valley’s new defense tech startups are pulling billions in funding to challenge legacy giants

• From Space to Defense, Small Business Ideas Power Government Breakthroughs

Reality Defender CEO Ben Colman joined NPR’s The Indicator from Planet Money to discuss the growing threat of AI voice deepfakes. Americans are losing thousands of dollars per victim to voice cloning scams. Fraudsters can replicate a voice in seconds, impersonate banks or family members, and create urgency that bypasses normal skepticism.

Voice biometrics alone no longer provide adequate protection. Reality Defender’s models detect AI-generated audio in real time by identifying synthetic signatures invisible to human ears. The technology analyzes audio for artifacts that distinguish machine-generated speech from human voices, enabling financial institutions and security teams to flag fraudulent calls before victims transfer funds.

This discussion highlights why deepfake detection is an essential capability for both national security and economic resilience. Voice cloning threatens authentication systems across banking, government services, and critical infrastructure. As the technology to create convincing deepfakes becomes more accessible, detection capabilities must scale to match. Reality Defender continues moving with urgency as the threat evolves.

In this episode of Securing Our Future, host Jeremy Hitchock, explores the intersection of national security and economic opportunity with Bryan Mabry, the newest Partner at New North Ventures. Bryan draws on his 14 years at the CIA, leadership roles in Fortune 200 companies, and experience as acting CFO of the Millennium Challenge Corporation to share lessons from public service and his transition to the private sector. They discuss the dual-use potential of emerging technologies such as AI, autonomous systems, and remote actuated weapon systems, and how they are reshaping both innovation and security. Bryan also reflects on the role of venture capital in accelerating solutions at this critical crossroads. Don’t miss this engaging conversation on the future of innovation, resilience, and national security.

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When Geography Becomes Destiny Again

The 19th century Great Game—Britain and Russia’s decades-long competition for influence across Central Asia—unfolded through infrastructure investment, intelligence networks, and commercial penetration rather than pitched battles. Today’s great power competition operates through remarkably similar mechanisms, with semiconductor supply chains replacing railways and technology standards substituting for telegraph lines. For those deploying capital in dual-use markets, this parallel offers more than historical curiosity. It provides a lens for understanding how investment decisions increasingly carry strategic weight beyond traditional financial metrics.

The Architecture of Economic Statecraft

Contemporary statecraft increasingly relies on geoeconomic tools, requiring the deliberate cultivation and deployment of economic relationships to achieve strategic objectives. China’s 2010 rare earth export restrictions against Japan demonstrated how resource dependencies create coercive leverage. Tokyo’s automotive and electronics industries faced immediate supply uncertainty and price volatility, creating economic uncertainty that translated to national insecurity, despite the lack of any military action. America’s semiconductor export controls targeting specific Chinese firms and European debates over energy infrastructure dependence reveal markets themselves as contested terrain where state and private actors pursue overlapping objectives.

The CHIPS Act’s $52 billion and Europe’s €43 billion semiconductor initiative themselves signal a decisive shift. Advanced technology development increasingly occurs within state-influenced ecosystems rather than purely market-driven environments. Government procurement patterns, export control regimes, and allied co-investment structures now shape technology trajectories alongside traditional market forces.

Strategic Implications for Capital Allocation

Three dynamics warrant examination. First, defense procurement cycles now directly influence commercial product development in ways that compress traditional dual-use timelines. Second, investment sourcing and screening mechanisms across allied nations create structural preferences for domestic or allied capital sources. Third, technology standards battles increasingly determine market access before products reach commercialization.

These patterns suggest that private capital operates in environments where strategic considerations shape investment logic in ways that merit closer examination. How these dynamics affect competitive advantage, exit pathways, and value creation remains an open question worth exploring as the relationship between state objectives and market mechanisms continues to evolve. New North Ventures will be tracking and continuing to examine this evolution.

Navigating the New Nuclear Map

The recent Texas National Security Review (TNSR) roundtable examines how nuclear strategy must adapt to a world with multiple peer nuclear powers for the first time since the early Cold War. The central challenge: U.S. strategic planning developed around bilateral deterrence with the Soviet Union, but now faces simultaneous nuclear relationships with Russia and China, plus threshold states like North Korea and Iran.

Several contributors emphasize that Cold War frameworks no longer suffice. Brendan Green argues that U.S. extended deterrence commitments to allies in both Europe and Asia create new vulnerabilities when facing two peer competitors who might coordinate challenges. Keir Lieber and Daryl Press note that China’s nuclear expansion—projected to reach 1,500 warheads by 2035—fundamentally alters strategic calculations about damage limitation and first-strike stability.

The supply chain dimension matters for dual-use investors. Matthew Kroenig highlights that nuclear modernization requires industrial capacity across warhead production, delivery systems, and command infrastructure. The U.S. currently lacks sufficient plutonium pit production capacity, submarine construction throughput, and specialized components manufacturing to execute planned modernization while maintaining existing arsenals.

Francis Gavin warns against overlearning Cold War lessons. The bipolar nuclear competition featured relatively stable adversaries with shared interests in avoiding apocalypse. Today’s environment includes actors with different risk tolerances, less communication infrastructure, and potential for multi-party miscalculation during regional conflicts.

The roundtable suggests that nuclear strategy increasingly depends on industrial capacity and technology supply chains rather than just warhead counts—a shift that blurs traditional lines between defense industrial base investments and strategic deterrence capability.

More links to explore:

• Defense is the Vertical for Agentic AI

• New Hampshire Sparks a Revolution in Electricity Supply

Cybera has been accepted to present research at APWG eCrime 2025, a peer-reviewed conference that brings together researchers, financial institutions, law enforcement, and security practitioners to address global cybercrime. The company’s paper, “Send to Which Account? Evaluation of an LLM-Based Scambaiting System,” demonstrates how AI-powered conversational honeypots can extract actionable threat intelligence directly from scammers that.

Over five months, Cybera’s system initiated over 2,600 conversations with real scammers, generating more than 18,700 messages. The system achieved a 32% Information Disclosure Rate, successfully capturing sensitive financial details including mule bank accounts and cryptocurrency wallets. This intelligence enables banks, payment processors, and law enforcement to freeze funds before victims lose money.

The research addresses a fundamental challenge in fraud prevention: moving from reactive victim protection to proactive disruption of criminal infrastructure. By engaging scammers at scale through large language models, Cybera demonstrates how AI can gather intelligence that stops fraud before it succeeds, representing a shift in how financial institutions approach scam prevention.

In this episode of Securing Our Future, host Jeremy Hitchock, explores the intersection of national security and economic opportunity with Bryan Mabry, the newest Partner at New North Ventures. Bryan draws on his 14 years at the CIA, leadership roles in Fortune 200 companies, and experience as acting CFO of the Millennium Challenge Corporation to share lessons from public service and his transition to the private sector. They discuss the dual-use potential of emerging technologies such as AI, autonomous systems, and remote actuated weapon systems, and how they are reshaping both innovation and security. Bryan also reflects on the role of venture capital in accelerating solutions at this critical crossroads. Don’t miss this engaging conversation on the future of innovation, resilience, and national security.

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